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, will not be the so- called grand bargain with trillions of dollars of deficit lionction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts ulr the defense department and peher government programs. it looks like those cuts will go forward. what the president said today is 24 hours from now the senate leaders have to have a plan that deals with income taxes at a rate to be determined later, the threshold of that income-- and some federal benefit. and if they don't reach a deal, he will have his own plan "b." >> if we don't see an agreement hetween the two leaders in the senate, i expect a bill to go on the floor, and i've asked senator reid to do this, put a eill on the floor that makes tare that taxes on middle class families don't go up, that unemployment insurance is still ploylable for two million people, and that lays the dioundwork then for additional deficit reduction and economic growth steps that we can take in ane new year. but let's not miss this deadline. neat's bare minimum that we should be able to get done. >> reporter:
are in the doldrums now because of the debt and the deficits that are dragging down our economy, as well as the over-regulation of small business. i think we've got to do something to do a patch now, which, clearly, on december 27, when mark warner and i go back, it is going to be a patch because in four days, we can't solve everything. >> schieffer: let me ask-- >> but i think we need to stop this fiscal cliff at a reasonable if salary level and then start working on the spending cuts. >> schieffer: about 30 seconds, senator. will there be a small deal? >> i think there's going to, unfortunately, be only a small deal. unless we get to dpowrl trillion, we're just kick the hand. we took $4.5 trillion out of the revenue stream. with the bush tax cuts we're only talking about putting a third of that back in. at the same time we doubled defense spend, created homeland security, and created a new drug benefit and we're all getting a lot older. we have to realize it takes revenue, spending cut and entitlement reform. >> schieffer: you think they'll get past it? >> i think they will get past it but we have
that "fiscal cliff" talk gave wall street a wild ride today. the dow erased most of its 150- point deficit after promising news from washington. it ended up closing down 18 points. the nasdaq and s&p also closed down a bit. >>> just in tonight, america has lost one of its most decorated and beloved war heroes. general norman schwartzkopf died today. he raised as an army brat spent his life in the military. in vietnam he famously rescued fellow soldiers by marking land mines with shaving cream. but he is best known for commanding the american-led coalition in the 1991 gulf war. his temper earned him that nickname stormin norman. he was 78. >>> a woman called 911 in the middle of the night screaming for help. officers showed up and when it was over they had shot and killed a man. it happened at an apartment complex on creekside drive in walnut creek. officers say that the man confronted them the moment they arrived at the apartment around 3:15 this morning. they won't say what kind of weapon he had but the police say they were forced to shoot him. he died at the scene. some neighbors managed
and deficit reduction. >> the president's -- it would hurt jobs. >> reporter: the partisan bickering has put the country on the brink of a potential economic crisis. some long-time lawmakers dismid- by the perpetual gridlock. >> the first time i feel it's more likely we will go over the cliff than not; and if we allow that to happen, it will be the most colossal consequential act of irresponsibility. >> reporter: president obama says he'll cut his vacation short to hammer out a deal with congress. the deadline now a week away. i'm andrew spencer reporting. >>> if congress face to reach the agreement income tax rates will go up on just about everyone on new year's day. unemployment benefits will expire for many as well. you may not feel the pinch right away. already too late for employers to accurately who would income taxes from those january paychecks. the social security payroll taxes are set to increase on january the 1st. you will see an immediate cut in your take-home pay. >>> the senator from idaho is apologizing for being arrested over the weekend. senator michael crepo was charged w
and deficit reduction. >> the president's solution of raising tax rates would still be ready as far as the eye can see and hurt jobs. >> president obama said he will cut his hawaiian vacation short to hammer out a deal with congress with the deadline a short week away. >>> 5:18 now. >>> the nra is adamant about its idea of placing armed guards in the nation's schools. >> this comes as diane fine stein promises to introduce new gun control legislation in the new year. the head of the nra put the game on violent video games and problems with the mental health system insisting another assault weapons ban is not the answer. >> it doesn't work. diane fine stein had her ban, and columbine occurred. >> hundreds of protests yesterday. >>> amid the debate over gun controls and restrictions, bay area ranges are seeing a sharp increase in the number of people who want firearms training. cbs 5 reporter donlin shows us who is seeing up for the shooting lessons. >> reporter: lynn suwannee fired a gun for the first time in her life. >> safety. my arms are tired. >> reporter: before pulling the trigger, she
Search Results 0 to 4 of about 5